Viridien (VIRI) Q3 2026 earnings summary

Executive summary

• Q3 segment revenue was $237m, down 24% YoY, and adjusted segment EBITDAS was $100m, down 40%; Geoscience returned to growth while Earth Data and Sensing & Monitoring declined.

• 9M Net Cash Flow reached $67m versus $62m in 2025; net debt excluding IFRS 16 fell 18% YoY to $656m.

• Management reaffirmed the FY26 Net Cash Flow objective of $100m, citing stronger tendering and customer engagement and a more supportive outlook into Q4 and 2027.

Financial highlights

• Q3 segment revenue was $237m versus $313m; 9M segment revenue was $683m versus $888m. Q3 adjusted segment EBITDAS was $100m versus $167m; 9M was $268m versus $417m.

• IFRS revenue was $236m in Q3, down 12% YoY, and $771.3m in 9M, up 2% from $758.1m.

• IFRS EBITDAS was $98m in Q3 versus $120m; 9M EBITDAS was $348m versus $287m, while 9M operating income was $25m versus $149m.

• IFRS net loss was $10m in Q3 versus $41m net income; 9M net loss was $45.9m versus $19.3m net income.

• 9M Net Cash Flow was $67m versus $62m; operating cash flow was $280m versus $320m, and total capex was $138m versus $173m.

Outlook and guidance

• FY26 Net Cash Flow objective was reaffirmed at $100m.

• Recovery is expected to strengthen through Q4 and into 2027, supported by improving customer engagement and sustained tendering activity.

• Q4 Earth Data revenue is expected to be significantly above Q3, supported by seasonal late sales and active client discussions.

• Frontier and emerging basin activity, offshore investment recovery and mature-basin imaging needs support reprocessing and selective new acquisition demand.